The New Texas Oil Boom…
Just 75 miles south of San Antonio is the center of one of the biggest oil booms ever to hit Texas and quite possibly the United States. This vast oil and gas reservoir in South Texas is known as the Eagle Ford Shale, along with another in West Texas known as the Permian Basin. Both fields are driving a boom never before seen– not even in the early days of Texas oil.
Advanced drilling technology is known as hydraulic fracturing, or “fracking,” and horizontal drilling are unlocking huge reservoirs of oil previously thought impossible to reach, doubling even tripling the state’s crude oil production over the past two years’. In 2014 Texas is projected to produce more than 3 million barrels of oil per day moving it ahead of Kuwait, Mexico and Iraq to become the eighth largest oil producer in the world.
According to the Texas Railroad Commission which oversees the state’s oil and gas industry, more than 7000 oil and gas wells have been drilled or are scheduled to be drilled along the Eagle Ford Shale, a formation 4,000 feet underground stretching 400 miles along the Texas-Mexico border.
American Receivable has been working with a variety of companies in these drilling areas for a number of years and knows the oil field services industry very well. Recently they have seen a significant upswing in companies seeking financing assistance in order to meet the high service demand in these specific areas. “Interest is high and people are excited about the activity in these two fields,” said Tiffany Eitel, Vice President of Business Development for the company. “Companies who provide much-needed products and service to this emerging industry need the factoring services American Receivable provides”.
American Receivable Corporation www.americanreceivable.com provides financing programs for companies experiencing cash flow problems. For over 35 years they have helped businesses large and small find solutions to their financing needs.